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Nansen's TRON Quarterly Report - Q3 2025
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Disclaimer: Nansen has produced the following report as part of its existing contract for services provided to TRON DAO (the "Customer") at the time of publication. While TRON DAO has the right to review and provide feedback to Nansen, Nansen maintains full editorial control over the publication of this report. All views expressed are the independent opinions of Nansen's research analyst(s) who are the author(s) named in this report. This report is intended for informational purposes only and does not serve as investment, financial, professional, or other advice. For more information, please refer to the disclaimer at the end of this report, as well as our Terms of Service.

Overview

The TRON network is a high-performance, Layer-1 blockchain platform designed to support decentralized applications, digital assets, and smart contracts with a focus on scalability, low transaction fees, and high throughput. Founded by Justin Sun, TRON uses a Delegated Proof-of-Stake (DPoS) consensus mechanism, allowing fast and energy-efficient transaction processing. With over 337 million user accounts and billions of transactions, TRON has become a prominent ecosystem for stablecoins, particularly USDT and DeFi applications. Its mission centers on decentralizing the internet by enabling seamless, borderless value exchange and fostering widespread adoption of blockchain technology.

In Q3 2025, TRON DAO achieved unprecedented milestones that solidified its position as a critical infrastructure for global financial systems. The network was selected by the U.S. Department of Commerce to publish official GDP data, marking the first time a federal agency has published economic data to public blockchains. This historic recognition came alongside a 60% fee reduction that immediately drove adoption, helping TRON surpass 2.5 million daily active users and overtake both BNB Chain and Solana in activity metrics. The quarter also saw significant ecosystem expansion through strategic partnerships with MetaMask, PayPal USD integration via LayerZero, and the deployment of the $TRUMP token, positioning TRON at the forefront of the evolving digital asset landscape.

TRON's growing institutional adoption was further evidenced by Kraken's election as a Super Representative, bringing institutional-grade protocol staking infrastructure to TRON's governance. The network's dominance in stablecoin settlements reached new heights, with over $600 billion in monthly stablecoin transfers and 50% of all USDT currently circulating on TRON. These achievements, combined with the expansion of T3+ crypto crime unit and multiple cross-chain integrations, demonstrate TRON's evolution from a high-performance blockchain to a foundational infrastructure for global financial inclusion and institutional-grade transaction processing.

Key Developments: Q3 2025

Ecosystem

DeFi

Infrastructure

  • The Graph real-time data streaming
  • NEAR Intents integration
    • TRON DAO announced a strategic collaboration with NEAR to integrate NEAR Intents on the TRON blockchain, enabling seamless swaps through a frictionless, intent-based experience. NEAR Intents is a multichain transaction protocol that allows users to make requests and let third parties compete to provide the best solution, abstracting away blockchain complexity. The integration unlocks cross-chain transfers requiring no wallet setup, no bridging, and no awareness of chain mechanics for users on one of the world's most active blockchains.
  • Developer infrastructure expansion
    • AIDA became fully live on TRON mainnet with all features including trading across DEXs, token launching, and AI-powered analytics; Polymer Labs went live on TRON network, providing app builders a one-click gateway to integrate with TRON through EVM<>TronVM compatibility and single API access to all chains.

Enterprise and RWAs

Onchain Data

Daily Transactions

TRON demonstrated exceptional transactional throughput throughout Q3 2025, processing over 821 million transactions with remarkable consistency. Daily transaction volumes averaged 8.9 million per day, ranging from 7.6 million to 10.2 million, reflecting the network's robust infrastructure and sustained user engagement. The quarter showed steady month-over-month growth, with July averaging 8.7 million daily transactions, August at 8.8 million, and September reaching 9.3 million daily transactions. This upward trajectory aligns with the 60% fee reduction implemented in August, which immediately drove adoption and helped TRON surpass 2.5 million daily active users, overtaking both BNB Chain and Solana in activity metrics.

Daily Active Addresses

TRON maintained a strong and consistent base of active addresses throughout Q3 2025, with daily active addresses averaging 2.52 million across the quarter. The network demonstrated strong stability, with daily active addresses ranging from 2.22 million to 2.79 million, showing minimal volatility despite the significant fee reduction mid-quarter. Monthly trends showed consistent growth, with July averaging 2.47 million daily active addresses, August at 2.52 million, and September reaching 2.58 million. This sustained activity reflects TRON's position as a leading platform for stablecoin transfers, particularly USDT, where the network processes over $79 billion in circulating supply and handles 60% of all USDT transactions under $1,000, indicating strong adoption among everyday users.

Top Entities by Users and Transactions

TRON's Q3 2025 onchain activity reveals a highly concentrated ecosystem dominated by Black Hole, which accounted for 95.7% of all transactions (460.4 million) and 80.8% of unique users (23.3 million), representing a 7.1% and 4.8% quarter-over-quarter growth respectively. This dominance reflects Black Hole's role as a critical infrastructure component for TRON's transaction processing, especially when minting or burning tokens. This reflects TRON’s growing role in facilitating crosschain activity.

The centralized exchange (CEX) sector represented the second-largest category, processing 4.2% of transactions and serving 18.7% of users, with Binance leading at 1.9% of transactions and 5.2% of users, showing strong 13.4% and 10.1% QoQ growth. Notable growth stories include MEXC's impressive 69.5% transaction growth and 65.0% user growth, while several exchanges experienced declines, including Bybit (-24.7% transactions, -26.4% users) and HTX (-29.3% transactions, -25.0% users). The DEX sector remained relatively small at 0.1% of transactions and 0.5% of users, with FixedFloat being the primary DEX entity. This distribution underscores TRON's role as a high-throughput settlement layer optimized for stablecoin transfers and institutional-grade transaction processing, with infrastructure and core protocol operations driving the vast majority of network activity.

Closing Thoughts

Q3 2025 has been a transformative quarter for TRON, marking its evolution from a high-performance blockchain to a critical infrastructure for global financial systems. The U.S. Department of Commerce's selection of TRON for official GDP data publication represents a significant milestone, signaling institutional recognition of blockchain technology's role in transparent, immutable record-keeping. This historic achievement, combined with the 60% fee reduction that immediately drove adoption past 2.5 million daily active users, demonstrates TRON's ability to balance accessibility with institutional-grade performance.

The network's onchain metrics tell a compelling story of sustained growth and stability. Processing an average of 8.9 million daily transactions, TRON maintained remarkable consistency throughout the quarter, with steady month-over-month growth from July to September. The 2.52 million average daily active addresses, with minimal volatility despite the significant fee reduction, reflects the network's robust infrastructure and growing user base.

TRON's ecosystem expansion through strategic partnerships with MetaMask, PayPal USD integration via LayerZero, and the deployment of $TRUMP token positions the network at the forefront of cross-chain innovation. The addition of Kraken as a Super Representative brings institutional-grade governance infrastructure, while the expansion of T3+ crypto crime unit demonstrates TRON's commitment to security and compliance. With over $600 billion in monthly stablecoin transfers and 50% of all USDT circulating on the network, TRON has established itself as the premier platform for global financial inclusion and real-world blockchain integration. As TRON enters Q4 2025, the network is well-positioned to capitalize on its growing institutional adoption, robust onchain performance, and expanding ecosystem partnerships.

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Disclosure: The authors of this content and members of Nansen may be participating or invested in some of the protocols or tokens mentioned herein. The foregoing statement acts as a disclosure of potential conflicts of interest and is not a recommendation to purchase or invest in any token or participate in any protocol. Nansen does not recommend any particular course of action in relation to any token or protocol. The content herein is meant purely for educational and informational purposes only and should not be relied upon as financial, investment, legal, tax or any other professional or other advice. None of the content and information herein is presented to induce or to attempt to induce any reader or other person to buy, sell or hold any token or participate in any protocol or enter into, or offer to enter into, any agreement for or with a view to buying or selling any token or participating in any protocol. Statements made herein (including statements of opinion, if any) are wholly generic and not tailored to take into account the personal needs and unique circumstances of any reader or any other person. Readers are strongly urged to exercise caution and have regard to their own personal needs and circumstances before making any decision to buy or sell any token or participate in any protocol. Observations and views expressed herein may be changed by Nansen at any time without notice. Nansen accepts no liability whatsoever for any losses or liabilities arising from the use of or reliance on any of this content.